Kibo Ventures, an early stage fund with offices in Madrid, Barcelona and Lisbon, has announced the first close of Fund III, targeted at €100 million, which will go to European startups raising pre-A and series A rounds.
Founded in 2012, the Iberian firm will bring its assets under management above €220 million once its third fund is fully closed. Along with existing LPs, Fund III has brought on board over 20 new entrepreneurs and founders as investors.
The second fund, which closed four years ago at €71 million, invested in companies such as Devo, Tier, Paack and Clarity. Half of the portfolio companies have raised B+ rounds with Tier 1 VCs or exited to large multinationals, according to a press release. The first fund, closed at €80 million about five years ago, saw nine exits to large international tech corporates including Paypal, Airbnb, NewRelic, Groupon and Zur Rose.